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redcarpet. >> michaelel kores. buy it whent goes down. >> that's it for forbes on number one business box continues with eric bowling and cashin' in. wagingar over the minimum wage and fast-food workers hitting the streets and demanding double play. will the job market pay the cost and how much more will my big maccosts? and taxpayer funded cell phones meant for the poor and needy? >> everybody in cleveland. nwell, it is not just clevend. we exposed massive waste in that program. guess who is cleaning up on this. worldy richest man? >> and taxpayers to support the
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mayor legal bill and the reason may make you feel harassed. ging in on fraud and a bus starts now. i am eric boling. welcome to cashin'in. wayne, and john and juan. wages. workers hitting the streets and demanding a 100 percent pay hike. they want wages pushed up to $ an hour. johnatn. give us a lesson in capitalism. free market or the government does? increase the number of low skilled jobless people. wages are not based on compassion and feelings, but on productive value. a businessman can't hire at $15 if they produce seven dldz worth
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of work. and minimum wage discriminate against low skilled workers. if you can't produce $15 worth of work an hour you can't work at all. >> why did they stop at 15 and why not 30 or 45 while they are at it. >> what does living wage mean in nminimum wage jobs and that is a way for pe to get into the work force and not meantime to be a career. ey are the way to g into that. where is the idea of moving up in the company has gone? why are they starting low skill and moving up to be a manager or franchise owner. you can move up once you pay your dows inside of a company. njuan, take it from there. how much is my cha will you pleasa at tako cost if they double the wages? >> you mentioned a big
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macearlier. 15 more if they went up to $12 which is the ling wage they are asking for. >> do we agree if you increase the wage to the hourly workers, the mpanies will pass it along to the consumer. $0.17. >> i am not sure your numbers are right. $0.17 sounds. >> anyway, i am so amused to hear my colleagues talk about this. they have concerns for the worker. what about the big cooperation are sitting on huge profits and refusing to reinvest in the american rker. >> juan what happens to those profits in people on the left have a vision that it is put in a scrooge mcduck a ttic.
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they are reinvested in more stores and production. >> oh, yeah. are you kidding me? are you kidding me? they ship it overseas so they can avoid taxes. >> we don't have proof of that. >> wayne, i did a pencil on paper math. 4 million workers inn the fast food and 30 hours a week. call it that. you are talking about increasing wages or payrolls b 45 or 55 billion a year, should we be doing this now? nof course not, eric. there is something more fundmental here. it is sploi and demand. 500 guys that want one job, obviously that job and cost of that job is going up. the 5,000 guys and they have a j and skill level. to flip a hamburger is a heck of
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a lot different thana computer programmer. he can't expect to ma the same coined of wages. we have an example of how it was drin overseas. garment business went overseas because wages got out of hand. if you are going to do that it is going to happen. if you don't like it or think about it. you don't know what you are talking about. i cite more than you can. >> let me bring in katy in this. there are not any minimum wage numbers overseas. i don't know what they are. and i don't think tla there are any in china and brazil. if they are. they are belowhere we are here. maybe we'll not drive the retail or fast food but other service jobs overseas. >> the complaint is that we don'have jobs here in america.
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but the fact is labor is cheaper overseas. and youth unemployment here. minimum wage jobs in mcdonalds and entw level position are necessary for high school and college students to get a to the in the work force. if you start raising thatcost and making them more expensive, emplees willot hiring then. there is a 17 percent youth unemployment rate. we'll see go up. >> hold on, ju know. your city alone, there is a walmart law where they want to increase the wage for walmart. there is a 34 percent unemployment rate in teens in washington d.c. and you box them outine more from jobs th need. >> wait a second, if you are talking about mcdonald, the average worker is 28. not teenagers.
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and second eric y and wayne will have to get in corporate jets to go to mcdonald and send those jobs overseas. that's what wayne is saying. >> no, let's be honest here. one more thing eric, you want us to bring third world wages. >> what are you talking about. >>y corporate jet was built overseas. >> there we go. hearing all about that rich protectinghe rich. >> hold on, guys. leme put it in terms of juan you may understand. victoria secret if they pay 15 or 20 bucks an hour, where are
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they going to produce the goods. they will produce in china th here? >> and in cas you haven't noticed. american manufacturing is finding it is more attractive than ever to go back to the united states and quality of workers and ease of distribution all helping america. >> and we are missing the concept of if you raise prices and minimum wage you have to raise prices to offset t costs. people will stop purchasing those goods whether at victoria secrets or mcdonalds. people are going to make them at home instead. >> that's not the point. minimum wage laws mply hurt the workers folks like juan want to help. and that is not the age or skill level. it is freedom. and in a fro country, you have the right to offer any wage and accept the wage. a as a low skill person whether 18 or 58.
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>> we got to go guys. >> we have to leave it. obviously a hot topic and cashin' in where you get cha lupas an victoria. and coming up why a program is out of control. >> iminutes.
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stay with us. you sign up and you are a full
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if you are on social security and low income and disable. >> nothing phony about the story. now report people are signing up and getting fro phone service subsidized for tax servicine though they don't need. mexican billionaire is reportedly making a rtuff ofhis.s gornme progm. ist te to discnectt good >> es, it is a $2.2 billion ogram and we who pay our phone bills pay a tax every month to pay r the program. and one thing that gets missed with the obama care infamous woman talking about social security, disability and welfare and running off the list and on p having a cell phone is not a right.
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james o'keefe did an undercover investigation showing that people not qualified for the phones are selling them bac and getting drug money. it is past time the fraud and waste and abuse and that the program is ended. >> president obama didn't start th program. it started in 1984, but it expanded under president obama they need a phone number that people can call and if they have a job available. this is the best of america that we encourage people to get jobs angive them an opportunity to step out and these phones are only valued for a buck or two
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before they run out. it is not an endless deal. >> well, well, well. it is a lot of money. 2.2 billion. >> it is not tax dollars. >> yes, it is. >> it is not one tax thehere. >> wayne, carlos, the mexican billionaire who is the second richest man the world his company made money off of the obama phone program alone. obama picked up the phone one day and ll eric holder, you remember fast and furious, i have a new program called slow and stupid and we are doing it with mexicans and doing it with carlos because he was a big donor to our campaign and we'll buy the phones from him and hilary is in on it because she said nobody cares and lois lerner will take the fifth. we don't have to worry about it
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getting out of hand and i think the xpayers don't care. they elected us and how do we know differently. >> can you hear me now? >> juan, it is deceptive for you to say it is not tax dollars. it is a tax. >> how is it a tax johnathon. >> you may a monthly union versal service tax, juan. >> that's not emposed by the government. >> hold on. the phone company as part of the regulatory. >> it part of the governme and not your responsibility to service anyone else's need. if they want a phone have them pay for it themselves. technology made is almost fro for anyone. goggle and mobile phones are cheap. >> juan you are so angry at the 54 in this country.
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(talking all at once) >> that is not a fair comment. >> john thon, you don't realize it is written in the constitution. everybody gets a fro phone. you haven't read the constitution lately? >> pull up the full screenf the fcc comment. adopted comprehensive reforms to comabout the waste, aud and abuse in the lifeline program. and saved 2 billi alone. you know, wayne, help me, katy, wayne, how will they save 2 billion when the whole program is 2 billion. >> exact, they must be getting rid of the program. i want to go back to juan. i resentthe fact that he said if you are not for the obama or george bush and you don't like the poor and you are attacking the poor.
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porpeople are not entitled to have the entire life put on the taxpayer. >> we got to go. -- this mayor is acowed of sexual loha -- sexually harassing his staff. >> no way that the citizen should be on the hook.
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>> talk about taxpayer harrassment. the mayor of san diego is a cowed of sexual harrassment the city didn't give them sexual harrassment training and katy help us to explain. this is unbelievable. king of the war on women. they want taxpayers to to the the bill for bad behaviorpause he doesn't have manners. eight womename forward with claps of sexual harrassment with this guy. there is no wi taxpayers should to the the bill because he can't control himself. nfillener. time for h to step away from the podium. >> the wonderful thing about this. hollywood will make a porn movie called how to sex perverts get in public office. weiner and spwrer and this
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guy. it is crazy. and there must be something in the atmosphere that is makg these morons do this. >> juan, the obvious question. weiner andspitwrer. and fiowa lener, democrats. >> you must have lost touch with viter and larry craig knocking on your bathroom door and i think that wayne has it. i think wayne has it. it is because victoria secret is forced over seas and they afford cheap panties. >> oh, my lord, what did the show come to. >> this type of behavior would never fly in corporate america. a ceo, juan you say oh, my god theyost their job. >> thas at i was saying. >> of course this dpz on in
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corporate america. >> but juan, they lose their jobs. this guy is still in office. >> we ve a democracy. >> break it up. >> a lsten to this one. what about the defense. you forgot to give me sexual harrassment training. >> we should not subsiddize that. don't sexually harass them. and don't put your hand on them and don't tell young women to not wear under wear to work and we shouldn't pay for his training or attorney's fees. >> we say thank you toicatey and juan williams are joining us. >> first nsa and@a
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. >> wayne, you are up first my man. >> i like facebook. their earnings turned up and the stock up with it. i think you can hold on to it. it is a nail before the price. >> what about it john? >> don't own it, eric. i don't trust the government and i am beating against interest rates. they can't set wages or interest rates. i am betting on short term rates going up as well. and there is a two- year bond
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yield. i own it. >> i got it say youre hot with this and so ten seconds. i think it does eapproximately in the long-term. we'll so on the short term as well. >> you have been on four. that's it fo the cost of freedom block. cashin' in is all over the nsa snooping scandal. and now the wall street journal is pointing out it is not only the nsa, but apparently the fbi issousing web bugs to infilt trait our mputer ands hear our phone conversations. i am all for safety and national security. my concern is peoplousing my privacy to theirens what ever they may be. you think i am being parinoid. ask the conservative groups were
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targeted by the irs. i will so you on the five. ♪ ♪ >> the president is out giving a series of speeches to his state concern of lack of jobs. most of his ideas are nothing new but his grand bargain he outlined lower taxes on corporations after raising taxes on small business owners. we're talking does the president really know what it takes to grow the economy, right here and right now. >> tom: thanks for joining us. here is at the top of the stack. we are all routing for job growthut you can't grow jobs unless the economy grows. it's growing but not enough to give employers a reason to hire. most economists think the economy

Cashin In
FOX Business August 4, 2013 2:30am-3:01am EDT

News/Business. A practical look at money management. (CC)

TOPIC FREQUENCY Us 6, Wayne 5, America 5, Cashin 4, Eric 3, China 2, Fbi 1, The Irs 1, Lsten 1, Nsa 1, Hilary 1, Johnatn 1, Eric Boling 1, Katy 1, Pleasa 1, Gornme Progm 1, Cha Lupas An Victoria 1, United States 1, Mcdonalds 1, Michaelel Kores 1
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